Its earnings were a penny per share short of Wall Street expectations, but revenue beat forecasts.

The Mooresville, N.C., company boosted its fiscal 2013 outlook again on Wednesday, but the earnings forecast was still below expectations.

Lowe's shares dropped almost 3 percent in premarket trading.

Home improvement companies have been benefiting from record-low interest rates and rising home prices, spurring customers to spend more to renovate their homes.

"The home improvement industry is poised for persisting growth in the fourth quarter and further acceleration in 2014," said CEO Robert Niblock.

But Lowe's has not been benefiting as much as its larger rival, Home Depot, which reported third-quarter results Wednesday that topped analysts' estimates and it lifted its outlook.

To boost results, the company has adjusted its pricing strategy, returning to offering what it says are permanent low prices on many items, instead of fleeting discounts.

The company also recently acquired Orchard Supply Hardware Stores for $205 million, a deal which was completed during the quarter, in order to expand in California.

Lowe's Cos. earned $499 million, or 47 cents per share, for the period ended Nov. 1. That's up from $396 million, or 35 cents per share, a year ago. Analysts polled by FactSet expected earnings of 48 cents per share.

Sales at stores open at least a year, a key retail metric, rose 6.2 percent

Lowe's now expects full-year earnings of about $2.15 per share, up from prior guidance of $2.10 per share. Revenue is predicted to climb approximately 6 percent, from an earlier estimate of 5 percent. Based on 2012's revenue of $50.52 billion, the new forecast implies approximately $53.53 billion.

Its shares fell $1.42, or 2.8 percent, to $49.02 in premarket trading about 45 minutes ahead of the market opening. Lowe's had 1,831 stores in the U.S., Canada and Mexico at the end of the third quarter.